Carpenedolo, Brescia-based Italian steel bearings producer La Leonessa has announced that it is set to reach its goal of €100 million sales revenue by 2013. Following a difficult two-year period, the Italian steel bearings producer has reported that the first signs of recovery are now visible, thank to ongoing investments even in the difficult years. The figures provided in H1 2011 financial report lead to a full-year sales revenue forecast of around €55 million.
In September 2010 La Leonessa acquired local rolling stock producer Fad Assali, while capital expenditures amounted to €21 million, of which $15 million for a new rolling line and €6 million for new production lines for bearings with diameters of up to three meters.
The next step in La Leonessa's development plan will be the commissioning of the entirely Italian China-based joint venture Leonessa Brevini Yancheng formed in partnership with Italy-based Brevini Power Transmission S.p.A. Production operations will be launched in 2012 in Yancheng, China, around 300 km from Shanghai. As stated by Mr. Ghirardi, "The investment in the Far East amounts to €20 million, but the startup plan targets a €25 million sales revenue figure by 2013."